European shares inch lower as Middle East jitters lift oil; tech earnings loom

European shares inched lower on Monday as escalating U.S.-Iran tensions pushed oil prices higher, raising worries about inflation ahead of the next corporate earnings round. The pan-European STOXX 600 fell 0.2% to 640.45 points by 0703 GMT. U.S. strikes on Iran entered a ninth straight day, while reports that tankers were immobilised increased risks for shipping through the Strait of Hormuz. Brent crude moved above $90 a barrel for the first time in a month. Energy stocks rose 1.4%, but travel and leisure shares fell 1.3%. Ryanair led declines, down 4.6%, after first-quarter profit dropped 34% as fuel costs rose and fares fell. Markets also looked ahead to an ECB meeting expected later this week and to earnings from U.S. Big Tech.